Forgivable Business Loan & Consulting Program

Loan Terms

Loan Amount

$10,000

Interest Rate

6.50% Fixed

Fees

1% loan fee, 3rd party fees paid by borrower

Term Length

Up to 60-month repayment

Payments

First 6 payments interest only; remainder Principal & Interest

The application period for this program is currently closed. Please check back with us on our website and in our newsletter to get details regarding the next cohort of the Forgivable Business Loan & Consulting Program.

 

If you have received a WEV Forgivable Loan or a WEV grant through any of our other programs within the past two years, you are not eligible to apply for this program at this time.

 

Obtain business capital and work with a WEV Business Consultant

WEV’s Forgivable Business Loan and Consulting Program is a unique opportunity for small business owners looking to not only obtain business capital but also receive customized support and guidance from experienced business advisors. This program is open to applicants who identify as an ethnic minority (Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or Other Pacific Islander, Indigenous, or Person of Color).

All eligible business owners are encouraged to apply. Awardees will be selected based on the quality and thoroughness of the application and applicant’s commitment to the consulting program rather than current cash flow.

Selected businesses receive:

  • Personalized business learning track with 10+ hours of training and technical assistance designed by WEV to enhance their financial and business management skills and increase the probability of their business’ survival and profitability
  • Loan of $10,000, which will convert to a grant upon borrower’s completion of 10 hours of training and technical assistance

For borrowers who do not complete 10 or more hours of training and technical assistance, funds remain as a loan with:

  • Term up to 60 months
  • 6.5% interest rate
  • Interest-only payments for the first 6 payment cycles

Eligibility

Each individual cohort for the Forgivable Business Loan & Consulting Program has unique eligibility requirements, determined in collaboration with WEV and the Funder for the cohort. All eligibility requirements for each cohort will be clearly described when the Application Period is open.

Applicants are only eligible for one Forgivable Business Loan and Consulting opportunity regardless of how many businesses they own.

Application Checklist

All documents must be submitted online or mailed/delivered to a WEV office during the application period. Incomplete applications will not be accepted.

Detail about application requirements will be provided when the next Application Period is open.

What people are saying…

Valerie

Amazing Possibilities for Growth

This program opened my eyes to amazing possibilities for growth! WEV’s loan funding helped me invest in my business. With [my coach’s] guidance, I landed my first NATIONAL corporate contract!

Blanca

Phenomenal

WEV has made it much easier on me and my business to thrive. The coaches assigned to me have been phenomenal. Not only knowledgeable in what their specialty is, but SO encouraging and positive.

Julio

Help and Support from the Beginning

Thank you so much for your help and support from the beginning! We are looking forward to continuing to get involved with WEV and being part of the programs.

Luisa

Achieving Goals

Thank you so much! WEV has been part of my process to achieve my goals; still too much to do, learn, grow and share.